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Turkey: bonds

Turkey has the sixth largest local currency bond market among the emerging market countries. Its key instruments are corporate bonds, commercial paper and bank bills.

The corporate bond market in Turkey amounted to only TL481 million (US$340million) at the end of 2009, jumping up to TL1.4 billion5 (US$1.9 billion) in end 2010 and to TL4.3 billion in end 2011. This is still very small in comparison to other major emerging market countries.

Since the Turkish eurobond market opened in early 2011, banks and corporates are now allowed to issue eurobonds directly without having to pay withholding tax on interest payments under the bonds. This change in law, along with the favourable market conditions, has encouraged many Turkish issuers (predominantly banks) to come to market.

Strategic benchmarks in public debt are:
- To make borrowing mainly in TL;
- To use fixed rate TL instruments as the major source of domestic cash borrowing and decrease the share of debt which has interest rate refixing period less than 12 months;
- To increase the average maturity of domestic cash borrowing taking market conditions into consideration and decrease the share of debt maturing within 12 months;

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
TRY 64 622 894 983 595
USD 30 62 456 160 910
EUR 13 17 254 877 620
JPY 3 370 000 000 000
corporate
TRY 483 91 222 679 294
USD 100 49 775 598 000
EUR 14 2 793 044 000
MYR 5 1 160 000 000
JPY 1 900 000 000
AUD 1 15 000 000
RON 1 50 000 000

News and comments

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Scope Ratings *** Issuer Rating ***
Scope Ratings *** Issuer Rating (foreign currency) ***
Scope Ratings *** Senior Unsecured Debt Rating ***
Scope Ratings *** Senior Unsecured Debt Rating (foreign currency) ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
Registration required. Please log in or fill in the registration form.

Latest bond issues

issue ISIN coupon volume end of placement maturity date
Akbank, 0% 29jan2021, TRY (478D) - Domestic bonds TRSAKBK12117 0% 150 000 000  TRY 10/09/2019 01/29/2021
Akdeniz Factoring, 0% 5feb2020, TRY (120D) - Domestic bonds TRFAKDN22014 0% 10 000 000  TRY 10/08/2019 02/05/2020
IS Yatirim, 0% 10jan2020, TRY (94D) - Domestic bonds TRFISMD12047 0% 200 000 000  TRY 10/08/2019 01/10/2020
Hayat Varlik Yonetim, 0% 13jan2020, TRY (98D) - Domestic bonds TRFHYTV12010 0% 10 000 000  TRY 10/07/2019 01/13/2020
Turkiye Finans, 13.25% 6dec2019, TRY - Domestic bonds TRDTFVKA1931 13.25% 200 000 000  TRY 10/07/2019 12/06/2019
Albaraka Turk, 13.85% 10jan2020, TRY - Domestic bonds TRDBRKT12015 13.85% 450 000 000  TRY 10/04/2019 01/10/2020
Albaraka Turk, 14% 28feb2020, TRY - Domestic bonds TRDBRKT22014 14% 150 000 000  TRY 10/04/2019 02/28/2020
Deniz Gayrimenkul, 0% 16dec2019, TRY (73D) - Domestic bonds TRFDZYOA1910 0% 175 000 000  TRY 10/04/2019 12/16/2019
DenizBank, 0% 25dec2019, TRY (82D) - Domestic bonds TRFDZBKA1952 0% 76 000 000  TRY 10/04/2019 12/25/2019
Eko Faktoring, 0% 5feb2020, TRY (124D) - Domestic bonds TRFEKOF22019 0% 10 235 000  TRY 10/04/2019 02/05/2020

Свалка

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI+ Turkey spread 264 266 258 257 254 255 255
EMBI Global Turkey 263 265 258 257 254 255 255
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Domestic bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Eastern Europe domestic bonds outstanding volume
[13105] Turkey corporate bonds outst., USD bln 15.702 15.010 16.461 15.791 15.701 14.507 15.641
[13139] Turkey corporate bonds outst. (fin. sector), USD bln 13.793 13.129 14.488 14.025 13.946 12.853 13.845
[13173] Turkey corporate bonds outst. (non-fin. sector), USD bln 1.906 1.814 1.973 1.662 1.638 1.632 1.707
[12799] Turkey corporate bonds outst., EUR bln 14.427 13.599 14.925 13.923 14.038 12.942 13.784
[12833] Turkey corporate bonds outst. (fin. sector), EUR bln 12.673 11.898 13.137 12.366 12.470 11.466 12.201
[12867] Turkey corporate bonds outst. (non-fin. sector), EUR bln 1.754 1.701 1.789 1.557 1.568 1.476 1.583
[12313] Turkey municipal bonds outst., USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Stocks indices

Daily indices

Type: 10/24/2015 08/12/2015 08/11/2015 08/10/2015 08/09/2015 08/08/2015 08/07/2015
Stock market (Eastern Europe)
[1532] XU100 (Turkey)  79 719.99 79 719.99 77 495.29 78 427.06 78 427.06 78 427.06 78 803.08
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GDP

Yearly indices

Type: 2018 2017 2016 2015 2014
Government debt-to-GDP (Eastern Europe)
[15411] Government Debt to GDP(Turkey) 30.40 28.30 28.30 27.50 33.50

Credit Default Swaps (CDS)

Daily indices

Type: 10/16/2019 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019 10/08/2019
CDS Turkey
[13563] CDS 6M Turkey 173.8300 190.0400 199.9400 174.8300 178.2400 141.5100 141.8000
[13625] CDS 1Y Turkey 225.0700 246.1700 258.9700 226.4200 230.8300 183.0700 184.9600
[13687] CDS 2Y Turkey 308.2900 311.1000 327.3100 302.2400 308.2100 283.2800 260.2500
[13749] CDS 3Y Turkey 336.5400 335.0400 352.5200 330.0600 336.6500 319.7000 304.5500
[13811] CDS 4Y Turkey 362.8900 360.6000 379.3700 356.6900 363.8500 351.2000 341.2400
[13873] CDS 5Y Turkey 387.3200 382.2800 402.1000 377.6600 385.2500 375.5200 369.3500
[13935] CDS 7Y Turkey 411.0400 408.4500 428.4300 406.8100 414.5900 405.0500 401.0500
[13997] CDS 10Y Turkey 421.7900 422.1700 441.2100 419.6500 427.0900 415.4900 412.8500
[14059] CDS 15Y Turkey 426.0400 428.2600 445.6700 425.2600 432.0600 419.8100 418.0600
[14121] CDS 20Y Turkey 428.4300 431.3700 447.8700 428.2200 434.6800 422.3500 421.0000
[14183] CDS 30Y Turkey 430.5200 433.9400 449.5300 430.7500 436.8600 424.6700 423.6300
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Historical yields

Daily indices

Type: 10/16/2019 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019 10/08/2019
10Y Government Bond Yields, Eastern Europe
[24313] Turkey 10Y YTM 15.895 15.120 15.180 14.370 14.260 13.850 13.800
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International bonds outstanding volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Eastern Europe international bonds outstanding volume
[21145] International bonds of Turkey, USD bln 117.452 117.511 117.593 118.969 124.755 125.011 128.782
[21179] Corporate international bonds of Turkey, USD bln 46.983 46.969 46.992 48.856 51.397 51.742 53.993
[21213] Sovereign international bonds of Turkey, USD bln 70.469 70.542 70.601 70.114 73.358 73.269 74.788
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Central banks rates

Periodic indices

Type: Current value Change Last update
Eastern Europe central banks rates
[9395] Turkey Repo Rate, %  19.75 0 12.08.2019

Inflation

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Inflation (Eastern Europe)
[15777] Inflation Rate (Turkey) 9.26 15.01 16.65 15.72 18.71 19.50 19.71
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Default probability (based on CDS)

Daily indices

Type: 10/16/2019 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019 10/08/2019
Default Probability Turkey (Interactive Data)
[20369] 6M Default Probability Turkey 1.5800 1.7300 1.8300 1.6200 1.6600 1.3300 1.3300
[20431] 1Y Default Probability Turkey 3.5300 3.8700 4.0800 3.6000 3.6700 2.9300 2.9700
[20493] 2Y Default Probability Turkey 8.7700 8.8400 9.2900 8.6500 8.8200 8.1700 7.5200
[20555] 3Y Default Probability Turkey 13.6200 13.5500 14.2200 13.4200 13.6800 13.0900 12.5200
[20617] 4Y Default Probability Turkey 18.8200 18.6900 19.5800 18.5800 18.9300 18.4000 17.9700
[20679] 5Y Default Probability Turkey 24.2400 23.9300 25.0300 23.7400 24.1700 23.7300 23.4500
[20741] 7Y Default Probability Turkey 33.6700 33.5000 34.8400 33.4900 34.0200 33.4700 33.2900
[20803] 10Y Default Probability Turkey 44.9600 45.0700 46.5300 44.9400 45.5100 44.6300 44.5300
[20865] 15Y Default Probability Turkey 59.1600 59.5000 60.8800 59.2600 59.8100 58.7400 58.7100
[20927] 20Y Default Probability Turkey 69.7600 70.1800 71.4000 69.9200 70.4100 69.3400 69.3500
[20989] 30Y Default Probability Turkey 83.4300 83.8200 84.6700 83.6000 83.9400 83.1000 83.1300
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New domestic bonds volume

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Eastern Europe new domestic bonds volume
[13207] New issues of corporate bonds, Turkey, USD bln 3.994 3.358 3.983 2.927 3.622 3.263 3.694
[13241] New issues of corporate bonds, Turkey (fin. sector), USD bln 3.897 3.245 3.761 2.830 3.622 3.263 3.694
[13275] New issues of corporate bonds, Turkey (non-fin. sector), USD bln 0.097 0.112 0.222 0.097 0.120 0.066 0.127
[13003] New issues of corporate bonds, Turkey, EUR bln 3.630 3.015 3.551 2.590 3.227 2.900 3.270
[13037] New issues of corporate bonds, Turkey (fin. sector), EUR bln 3.542 2.914 3.353 2.504 3.120 2.841 3.158
[13071] New issues of corporate bonds, Turkey (non-fin. sector), EUR bln 0.089 0.101 0.199 0.086 0.107 0.059 0.112
[12415] New issues of municipal bonds, Turkey, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Euro-Cbonds Sovereign

Daily indices

Type: 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019 10/08/2019 10/07/2019
Euro-Cbonds Sovereign Turkey
[9325] Euro-Cbonds Sovereign Turkey  145.96 145.18 146.68 146.27 147.69 148.35 149.45
[9327] Euro-Cbonds Sovereign Turkey PI 86.63 86.18 87.13 86.89 87.77 88.18 88.86
[9329] Euro-Cbonds Sovereign Turkey D 2 327.00 2 312.00 2 333.00 2 329.00 2 349.00 2 357.00 2 371.00
[9331] Euro-Cbonds Sovereign Turkey YTM 6.82 6.90 6.73 6.77 6.62 6.55 6.43
[9333] Euro-Cbonds Sovereign Turkey YTM eff 6.94 7.02 6.85 6.89 6.73 6.66 6.54
[22493] Euro-Cbonds Sovereign Turkey T-spread 495.06 486.58 480.91 494.70 488.44 481.89 469.33
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Eastern Europe new international bonds volume
[19625] Annual new issues of Turkey sovereign international bonds, USD bln 7.718 9.126 5.500 3.000 7.308
[19659] Annual new issues of Turkey corporate international bonds, USD bln 5.079 11.785 8.010 4.165 12.175
[19693] Annual new issues of Turkey corporate international bonds, (financial sector) USD bln 3.779 10.559 7.185 3.311 10.223
[19727] Annual new issues of Turkey corporate international bonds, (non-financial sector) USD bln 1.300 1.226 0.825 0.853 1.952

Risk Management Institute

Daily indices

Type: 10/15/2019 10/14/2019 10/11/2019 10/10/2019 10/09/2019 10/08/2019 10/07/2019
RMI CVI - Europe
[10143] Turkey CVI value weighted  44.12 45.38 37.63 37.31 36.90 34.39 32.86
[10145] Turkey CVI tail  130.26 134.27 112.12 111.54 111.92 102.76 97.19
[10147] Turkey CVI equally weighted  41.23 42.42 35.70 35.61 35.22 32.77 31.06
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New domestic bonds number

Monthly indices

Type: Sep 2019 Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019
Eastern Europe new domestic bonds number
[12901] Number of new corporate bond issues, Turkey 124 120 161 133 176 126 160
[12935] Number of new corporate bond issues, Turkey (fin. sector) 117 112 144 122 171 120 149
[12969] Number of new corporate bond issues, Turkey (non-fin. sector) 7 8 17 11 5 6 11
[12347] Number of new municipal bond issues, Turkey 0 0 0 0 0 0 0
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